24/04/2008 10:00:00 Business Wire in the Company s distribution businesses in the region and at the Company s subsidiary which manufactures microprocessor controllers, as well as continued cost reduction initiatives.
As previously announced, the Company is continuing to focus on reducing costs by moving manufacturing from New Zealand to China.
This process is partially complete, on track and expected to be fully complete during the third quarter of this year.
FINANCIAL CONDITION Total debt outstanding was $538.7 million at the end of the quarter, resulting in a debt-to-total-capitalization ratio of 48.2% versus 49.3% at the end of 2007.
The Company s debt outstanding increased slightly by $0.9 million during the quarter largely as a result of the negative operating cash flow for the period.
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Monday, June 2, 2008
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